Britain's Prime Minister Boris Johnson, left, and Chancellor Rishi Sunak leave Downing Street to attend a cabinet meeting in London, Sept 1, 2020. (KIRSTY WIGGLESWORTH  / AP)

Talks between the United Kingdom and the European Union on a future free-trade deal will end in either success or failure before Oct 15, after British Prime Minister Boris Johnson set the date as his deadline.

Johnson drew the line in the sand after months of negotiations to secure a deal to replace the trading arrangement they had before London withdrew from the organization after nearly 50 years of membership.

"There needs to be an agreement with our European friends by the time of the European Council on Oct 15 if it's going to be in force by the end of the year," he said in a statement released by 10 Downing Street on Monday ahead of the eighth round of talks this week.

"So, there is no sense in thinking beyond that point. If we can't agree by then, then I do not see that there will be a free-trade agreement between us."

Agence France-Presse said David Frost, the UK's chief negotiator, did little to lighten the mood when he said London will not compromise on any of its "red lines".His comment suggested a breakthrough, if one comes, will be down to the EU shifting ground.

The BBC said Frost was insisting the UK was not "scared" of walking away.

Michel Barnier, the EU's chief negotiator, had earlier explained that the two sides were at loggerheads over the UK's reluctance to allow EU boats to fish in its waters, and over the UK appearing to want to subsidize its enterprises in ways that are illegal under EU law.

Jonathan Ashworth, the opposition Labour Party's spokesman on health and social care, said on Radio 4's Today program that Johnson's willingness to walk away suggests he never really had the ability to close the deal.

"Boris Johnson, I thought, told us he had an oven-ready deal,"Ashworth said. "And he fought a general election telling us he had an oven-ready deal. (This) now suggests that he was misleading people in that general election."

We will have full control over our laws, our rules, and our fishing waters. We will have the freedom to do trade deals with every country in the world. And we will prosper mightily as a result.

Boris Johnson, British prime minister

Brussels had earlier said there would not be enough time for the European Parliament to translate and ratify any deal reached after mid-October, without the UK agreeing to extend the transition period that has been in place since it left the bloc on Jan 31 and which ends on Dec 31.

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Without a deal or an extension of the transition period, the UK will revert to trading under World Trade Organization rules, something critics say will lead to long lines at borders and high tariffs.

Busy borders, high tariffs

But Johnson insisted the nation is ready. "We will have full control over our laws, our rules, and our fishing waters. We will have the freedom to do trade deals with every country in the world. And we will prosper mightily as a result," he said.

The Financial Times added that Johnson is preparing to introduce new UK legislation in the event that it does not secure a free-trade deal with the bloc. The paper said the legislation could override parts of the withdrawal agreement made with the EU last year that ensures the border between Northern Ireland and the Irish Republic remains "soft" and free from physical barriers and checks.

READ MORE: UK ramps up no deal preparations as EU trade talks stall

The BBC said the Labour Party was furious at the prospect of Johnson "backing out" of past promises to protect the border, which has been a flashpoint in the past for sectarian violence.

Northern Ireland Deputy First Minister Michelle O'Neill tweeted that such a move would be a "treacherous betrayal".

The Guardian newspaper added that the border issue would also likely torpedo free-trade talks with the EU, reigniting claims from pro-EU politicians that Johnson never wanted the talks to be a success in the first place.